You can upgrade your server at any time through your server control panel.
Go to the 'Modify' tab, and click on the 'Upgrade' button. This will launch the Server Upgrade Wizard.
From there, you can change the processors, memory, and hard drive space. If you are upgrading the processors or memory, you will need to reboot your server, and it should take only as much time as a regular reboot. If you are also upgrading the hard drive space, it will take longer, as the server image will need to be reconfigured. And if you are switching between regular hard drives and SSD, it will also take longer, as the image will need to be transferred to a different KVM host server.
You can set your reboot to be immediate or arrange a time for it to happen in the future.
You can also change your operating system or add cPanel or Plesk from the Server Upgrade Wizard. You will need to have a complete rebuild of the system, and your data will be wiped before installing the new operating system.
If you are using Plesk on your server, you can change the license as needed without requiring a reboot.
You can also downgrade your server, but you will need to purchase a new server and manually migrate your files and configuration to the new server.